China Bank Lending Increases Sharply

(RTTNews) - China's bank lending increased notably in September due to seasonal factors, data from the People's Bank of China showed on Wednesday.

New yuan loans rose to CNY 1.29 trillion from CNY 590 billion in August. Nonetheless, lending was below economists' forecast of CNY 1.47 trillion.

At the end of September, total social financing increased to CNY 3.53 trillion, data showed.

The broad money supply, M2, registered an annual growth of 8.4 percent in September. Data released earlier in the day showed that consumer prices declined by more-than-expected 0.3 percent in September on weaker domestic demand and oversupply, and producer prices remained in deflationary pressures for the 36th straight month.